Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

question for sahm's who own a home

If you applied for pre-qualification and/or pre-approval, was your SO/DH a co-applicant? I put my SO as a co-applicant because he will be living w/ me and is the "money maker". Are those good reasons and the main reasons to put him as a co-applicant? Or is that not necessary and I can just apply?

Answer Question
 
Owl_Feather

Asked by Owl_Feather at 12:54 PM on Jul. 14, 2010 in Home & Garden

Level 22 (13,272 Credits)
Answers (7)
  • You could apply, but they consider both of your credit reports. My husband was the one who made the money and we both had a good credi score, so we used both names. If he has really bad credit, you might do better by yourself. Just ask!
    micheledo

    Answer by micheledo at 12:56 PM on Jul. 14, 2010

  • You need some kind of income to get approved for a mortgage. If your husband is the only one in the family with income, they will base the amount of the loan you are qualified for on his income, but he will have to be a party on the loan. Unless you have your own income that is not from work and only want them to base the loan amount on that. They won't give you a mortgage with no income if you don't have your own income and apply by yourself.
    riotgrrl

    Answer by riotgrrl at 12:57 PM on Jul. 14, 2010

  • actually SO has very little, possibly no credit at all.....micheledo..ask who?? the bank?
    Owl_Feather

    Comment by Owl_Feather (original poster) at 12:58 PM on Jul. 14, 2010

  • I understand riotgrrl thank you! that was basically my question...I mean since I dont have a "job", I assume SO needs to be a co-applicant!
    Owl_Feather

    Comment by Owl_Feather (original poster) at 12:59 PM on Jul. 14, 2010

  • Honestly, I would NOT buy a home, or put my name on the mortgage with anyone other then the person I was married to! I don't care if you been together for years, yadda, yadda, yadda. It's just not good financial sense. Of course marriages fail, assets including the home is often split up, but the situation is 1000 times worst if you were not married.
    *****
    My husband and I are co-applicants on everything loan we have taken out. Mortgage, car loans, personal loans, etc.
    SAHMinIL2

    Answer by SAHMinIL2 at 1:20 PM on Jul. 14, 2010

  • lol many umarried couples buy houses just fine. We shouldnt be limited to renting just because of that. We arent focusing on the what-ifs for if our relationship fails in regards to buying a house.
    Owl_Feather

    Comment by Owl_Feather (original poster) at 1:39 PM on Jul. 14, 2010

  • I would speak with a couple of mortgage brokers...
    rkoloms

    Answer by rkoloms at 8:23 PM on Jul. 14, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN